Apple posts better-than-anticipated earnings fueled by iPhone sales

Apple posted better-than-anticipated second quarter earnings on Thursday, boosting hopes of a tentative tech recovery and sending company shares up.

The company reported revenue of $94.84bn in its second quarter earnings, up from a predicted $92.96bn, and an all-time record in its services division. It also reported a March quarter record for iPhone sales.

The report heartened investors, coming after Apple posted rare misses on revenue, profit and sales in its previous earnings released in February. At the time the company cited supply chain issues for the slump, after its factories in China were affected by strict Covid-19 lockdowns and related protests in late 2022.

Apple has long been seen as a relatively stable bet in the chaotic investing world of tech, with fewer fluctuations than peers such as Alphabet and Meta. However, in its past two earnings reports, the company has warned of a continuing economic downturn.

Apple has remained relatively stable in its workforce even as companies like Alphabet and Meta, which grew their workforces rapidly during the tech boom seen during the pandemic, have laid off thousands of workers. But reports in early April showed this may be coming to an end, with corporate layoffs anticipated.